The Global Specialty Chemicals market is accounted for $326 billion and is expected to reach $530 billion by 2022 growing at a CAGR of 6.3% from 2014 to 2022. Increasing R&D activities to develop new products and demand from Asia Pacific is driving the market. However, volatile raw material prices and environmental regulations regarding the usage of specialty chemicals are limiting the market growth. Furthermore, growing concerns regarding environment due to the manufacture, usage and wastage of these chemicals is anticipated to be critical factor impacting the market growth. Strict government regulations on the usage of chemical in food processing and manufacturing industry may hamper the market.

Pesticides are the major type of specialty chemicals owing to diminishing arable land, increasing population, and the need for upgrading in crop yields. Construction chemicals type is estimated to witness the highest growth rate of more than 8% during the forecast period due to growing construction sector in the emerging economies such as India, China, Brazil, and South Korea. The Asia Pacific remains the largest market due to increasing industrial activities in emerging economies such as India and China. This region is expected to register high growth owing to the increasing end-user industries such as electronics, automotive, plastic, and construction.

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